Netanya is situated on the seashore between Tel Aviv and Hadera.
It is the major city in the Sharon region, once nicknamed City
of Diamonds after the many diamond-cut factories in this
town. It was established 1928 and named after the philantrop
Nathan Strauss. It has 175,000 inh.
The unofficial flag is orange with the emblem in blue,
proportions 2:3. The municipal emblem was published in the
official gazette (Rashumot, Yalkut HaPirsumim), YP 706,
22 October 1959.
From the book Netanya: A Story of a City, sent to me by
the municipality (my translation):

Netanya's municipal emblem was designed by Ya'akov
Tzimberknopf (Tzim) in 1951. Each component of the emblem
shows some characteristic of the city:

The symbol of the city is the flower Havatzelet
HaSharon [Sharon lilly?] flourishing along the
seashore cliff.

The emblem's background is a shield, symbolizing
Netanya's defensive value.

The smoke chimneys at the top of the emblem symbolize
the developed industry in the city.

The sea waves, right and left of the flower,
symbolize the sea in whose shores the city is
situated, and thanks to whose natural value it became
one of the most famous touristic cities in the
country.

The diamond, appearing in the shape of polished Magen
David is a symbol of the developed diamond
industry in Netanya, which provided the city with the
title City of Diamonds.

The colours of the emblem are blue and white. The
background colour to the city emblem and flag is orange, the
color of the oranges growing in the Sharon region citrus
plants.